- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-11T18:03:00
The Public Company Accounting Oversight Board (PCAOB) continued its crackdown on reporting requirement violations with penalties against three audit firms, including a BDO affiliate.
BDO Taiwan was fined $35,000, while Jendrach Accounting and Professional Services and Brazil-based Moore MSLL Lima Lucchesi Auditores e Contadores were each assessed $25,000 penalties, the PCAOB announced Friday. Each firm agreed to be censured in reaching settlement.
The PCAOB accused BDO and Jendrach of failing to timely disclose their respective roles regarding audits of issuers or broker-dealers on the required annual form. BDO was faulted for not reporting its apparent work at China United Insurance Service, while Jendrach similarly did not disclose it issued an audit report for broker-dealer GM Securities.
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The Japanese affiliate of Big Four audit firm KPMG was assessed a $500,000 penalty by the Public Company Accounting Oversight Board for quality control deficiencies regarding journal entry testing.
Accounting firm Warren Averett agreed to pay a penalty of $200,000 in resolving the first case brought by the Public Company Accounting Oversight Board regarding auditor independence violations related to a firm’s membership in an accounting alliance.
The Public Company Accounting Oversight Board fined Colorado-based audit firm AJ Robbins CPA and its founding partner a total of $150,000 for alleged professional skepticism failures and improperly altering audit documentation.
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
